TDS Correction Statements Deadline: March 31
Six-Year Window for Filing Corrections
New TDS-TCS correction rules allow taxpayers to submit correction statements for six years from the financial year when the original statement was due. The deadline for these statements, covering years 2007-08 to 2018-19, is March 31.
Strict Timelines Introduced from April 1, 2025
Jainik Vakil, chairman of the Gujarat Chamber of Commerce and Industry’s (GCCI) direct tax committee, highlighted that the Finance Act (No. 2), 2024, enforces strict timelines for corrected TDS/TCS statements. Vakil noted, “Previously, TDS awareness was limited, and some taxpayers may have made PAN-related errors.”
Correcting PAN Mistakes
If a TDS deductor cannot obtain the deductee’s PAN, they might use an incorrect one. In such cases, a 20% TDS rate applies instead of the usual 1, 2, or 5%. When taxpayers receive notices for 20% TDS, they often seek rectification in TDS. Now, they can only make corrections for these years within a six-year period. After this deadline, no further corrections will be allowed.
- Six-year window for filing TDS correction statements
- Deadline for submitting statements for 2007-08 to 2018-19 is March 31
- Strict timelines for submitting corrected TDS/TCS statements introduced from April 1, 2025
- Correcting PAN mistakes in TDS deductions
